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Petróleo Brasileiro S.A. – Petrobras informs that its Board of Directors has decided to continue implementing the Nitrogen Fertilizer Unit (UFN-III), located in Três Lagoas (MS). The decision is based on a careful re-evaluation of the project which, considering the premises of the Strategic Plan 2024-2028 (SP 2024-2028), had its economic attractiveness confirmed for this... Continue Reading →
(Reuters) - Global crude oil prices could drop to about $60 per barrel by 2027 as demand growth slows, say oil analysts at Rystad Energy, chopping a third off next year's peak price as demand tumbles. Their outlook is a reassuring message amid recent Wall Street analysts predicting up to $150 per barrel in the... Continue Reading →
(Reuters) Goldman Sachs on Sunday revised up its global oil demand forecast for the year while sticking to its 12-month Brent price projection of $93 per barrel as higher realized inventories offset the demand boost from a less pessimistic growth outlook. Goldman analysts estimate global oil demand climbed to an all-time high of 102.8 million... Continue Reading →
Baker Hughes’ international rig count report indicates that the number of offshore rigs was on an upward trajectory in May 2023, jumping up by 9 units, compared to the month before. The total number of international rigs also experienced an upswing in activity, rising to 965 from 947 units in April 2023. Following the decrease in international offshore... Continue Reading →
(Reuters) - Glencore (GLEN.L) announced a payout of $7.1 billion to its investors on Wednesday, as high oil and coal prices helped it to post a record annual profit, but it said the rising costs of producing minerals could dent future earnings. In preliminary 2022 results, the miner and trader said it cut net debt to $75... Continue Reading →
(Reuters) - Petroleo Brasileiro SA (PETR4.SA) stepped up security at its refineries in a precautionary measure after threats against assets, including Brazil's biggest fuel plant, two company officials said, speaking on condition of anonymity. The threats were detected by Petrobras' intelligence unit monitoring social media communications of supporters of Brazil's far-right former President Jair Bolsonaro, the two... Continue Reading →
Trinidad and Tobago is preparing to reject four offshore exploration bids by BP Plc and Shell, according to people familiar with the matter, because they failed to meet the government’s minimum requirements. The island nation's government plans to pursue talks with the two oil and gas companies on any willingness to improve the jointly submitted... Continue Reading →
(Reuters) - Caio Paes de Andrade, the chief executive of Brazil's state-run oil firm Petrobras (PETR4.SA), has decided to resign before his term ends in April, but has not yet set a date for his departure, six sources told Reuters. Andrade's early exit would provide a pathway for leftist President-elect Luiz Inacio Lula da Silva to... Continue Reading →
(Reuters) - Growth in global oil demand is set to grind to a halt in the fourth quarter of this year as an economic slowdown deepens, the International Energy Agency (IEA) said on Wednesday, but said it would resume strongly in 2023. The outlook preserves a relatively bullish view for robust growth next year despite... Continue Reading →
(Reuters) The euro fell below 99 cents for the first time in nearly two decades, while sterling was on the ropes on Monday as Russia's halt on gas supply down its main pipeline to Europe sparked concerns over energy prices and growth. The euro slid to $0.9880 in Asia trade, the lowest level since 2002,... Continue Reading →
Brazil Energy Insight 